The global Energy Storage System (ESS) market is expected to grow by 12-fold to USD 111.8 billion by 2035 from the USD 9.1 billion posted in 2019, according to market research firm Lux Research on Mar. 10.
When combined with batteries for EVs and portable devices, the top 3 battery segments are expected to grow by 18-fold to 3082GWh by 2035, up from the 164GWh in 2019. In terms of value, growth would be to USD 553 billion from USD 59 billion.
In particular, the CAGR of the market for home ESS system batteries CAGR is likely to stand at 80% for the next 3 years, which is close to the 76% growth estimate for EVs.
In addition to price competitiveness, ESS has come to accommodate diverse batteries, including RFB and lithium.
According to another market research firm, Bloomberg NEF, investor sentiment towards the battery business has grown much more positive. Based on the sanguine forecasts, local battery makers are looking overseas for clients.
In February this year, Samsung SDI CEO visited German utility service company WEMAG to view the ESS it installed there. LG Chem also has plans to expand based on North America and Europe.
On the other hand, the market for portable devices such as smartphones and laptops are expected to slow an average 1.5% growth per year from 2019 to 2035 on a saturated market, according to Lux Research figures.
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